WHITE PLAINS, N.Y., July 15 (UPI) -- ITT Corp., which is spinning off its U.S. water and defense businesses, has announced the names of the new firms.
The future water company will be named Xylem and the future defense company will be named ITT Exelis.
ITT's core industrial business will continue under the ITT Corp. name, it said.
"The names Xylem and ITT Exelis communicate the strength and unique positioning of our future businesses," said Steve Loranger, chairman, president and chief executive officer of ITT. "We are confident that these new businesses will emerge as leaders in their respective industries and firmly believe that ITT Corporation, Xylem and ITT Exelis are all well-positioned to create value for shareholders."
ITT said that upon completion of the previously announced separation, Xylem will consist of the Water and Wastewater -- including wastewater transport; biological, filtration and disinfection treatment and analytics -- Residential and Commercial Water and Flow Control businesses. It will provide a broad product line that addresses the full cycle of water from collection, distribution and use to the return of water to the environment.
The future defense company ITT Exelis will be a leader in command, control, communications, computers, intelligence, surveillance and reconnaissance and related products and systems and information and technical services, supplying military, government and commercial customers in the United States and globally.